German Cabinet Reveals Blockchain Strategy to Boost the Economy

As the whole world is taking the route of technological innovations, the German cabinet has also taken a step forward to come up with its blockchain strategy on September 18, 2019, according to reliable reports from the country.

Official from the country’s ministry of economy, ministry of energy and ministry of finance admitted that there is a colossal potential in disruptive novelties including blockchain and distributed ledger technologies (DLT).

The government now looks forward to tapping the opportunities provided by blockchain so as it can assemble its potential prospective for digital revolution. Now, the Federal Government wants to establish a good number of discussions on these groundbreaking innovations like cryptocurrency, artificial intelligence (AI), DLT, smart contracts, etc. and also hope that regular dialogues between the public and private sector is going to play a big part in promoting a lively ecosystem.

Blockchain Businesses Need to be Regulated  

As per the expert in charge of digital business structures and financial technology development, Hartmut Giesen, Executive at Hamburg Sutor Bank, a significant change will be established in the fintech innovation in the country.

He added that Germany still has much to benefit from the distributed ledger technology, such as using this technology to develop its own cryptocurrency, in contracting or the verification of documents, combating counterfeit import products, in logistics, improving its cybersecurity, the energy industry, use it in supply chain to track products, and many others. Giesen further revealed that the blockchain tech strategy of the Federal government is a clear indication that Germany is to be one of the giant cryptocurrency innovators in the world.

The possibilities of DLT are multifaceted and diverse. For this reason, the Federal Government has decided to define important measures of this technology in five fields of action. Above all, the blockchain in the financial sector is to ensure stability and stimulate new ideas and trends.

This is immediately followed by the area of innovation, which is about promoting projects and real laboratories. In order to enable investments, a clear, reliable framework is required. Administrative services are to be optimized through the use of digital technology. The Federal Government also wants to contribute to disseminating information through Blockchain technology.